Billionaire Gautam Adani plans to appoint auditors from a top global firm and hire a chief executive officer for his family offices to bring a level of disclosure often associated with listed companies, people familiar with the matter said.
The founders of the mining-to-media conglomerate are talking to two of the big six accounting firms to audit the family offices’ accounts, said people familiar with the discussions who did not want to be identified as the talks are private, Bloomberg reported.
The moves aim to bring transparency in how the wealth of Asia’s second-richest person, valued at $105.4 billion, is managed and underscores the lessons from last year’s short seller attack. The first-generation entrepreneur faced intense scrutiny and criticism from Hindenburg Research LLC on multiple issues, including the opacity in how the group operates and controls its listed entities.
SpaceX Gears Up For Its ‘Risky’ Space Mission Polaris Dawn, With A Billionaire On Board
According to the Bloomberg report, hiring is underway for a team of about five people, led by a CEO and a chief investment officer, that will initially report to the Group Chief Financial Officer, Jugeshinder Singh, and eventually to the billionairefounder, the people said. Adani family’s two wealth offices were until now run informally with the help of group firms’ CFOs. An Adani Group representative did not offer any immediate comments.
Adani Group looks to sell 5% stake in Adani Power, Ambuja Cements
The Adani Group is looking to reduce debt by paring promoter holdings in group companies like Adani Power and Ambuja Cements, sources with knowledge of the matter told CNBC Awaaz.
Sources further said that the promoters are looking to sell 5% stake each in Adani Power and Ambuja Cements. At the end of the June quarter, promoters held a 72.71% stake in Adani Power and 70.33% stake in Ambuja Cements, CNBC Awaaz reported.
Comments from the Adani Group are awaited on this story.
Billionaire Gautam Adani-led promoter group holds shares worth USD 125 billion across the 10 listed companies of the conglomerate. Just like Berkshire Hathaway, they actively manage investment portfolios, which include owner stock, by regularly adjusting holding.
